Casino operators are having a tough time in Goa, since the casino fee hiked for the fourth consecutive year, giving them a severe blow. A 4.5 times hike in the casino fee has led the casino operators into deep thinking.
On last Tuesday the coastal state’s government ordered that the previous licenses of all offshore casinos are to expire on March 31, 2018. However, a news report published by one of the leading newspaper brands in the country, The Times of India stated that according to a source, the government has proposed to extend this tenure by six more months.
It also stated that the new order issued by the state’s finance department would come into effect on and from April 1st, 2018.
The license fee has been categorized according to the capacity of the casino vehicle.
As of now, there are six offshore, and nine land-based casinos in Goa. This hike in license fee is believed to increase the annual revenue collected by the government by approximately INR 150 Crores. Not only just the recurring fee has been increased, but also the transfer license fee, application fee, and non-refundable security deposit amounts are all seeing a spike regarding charges by the government.
The transfer license charge of onshore casinos has been increased to INR 30 Crores from the previous INR 10 Crores, and for offshore casinos, the new fee announced is INR 50 Crores from the present INR 20 Crores. In the case of license application fee, the hike for both offshore and onshore casinos is the same, with the price climbing up from INR 20 Lakhs to INR 50 Lakhs. License renewal fee for both offshore and onshore casinos has been raised to INR 1 Crores from the real INR 30 Lakhs.
The increase in non-refundable security deposits made at the time of grant of new license now stands at INR50 Lakhs as opposed to the former INR 20 Lakhs and the deposits to be paid during renewal will now cost the casinos INR 25 Lakhs from the real INR 10 Lakhs.